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Federal Reserve raises interest rate to highest since 1994

Federal Reserve raises interest rate to highest since 1994

Arab Finance: The Federal Reserve has raised interest rates by 0.75 percentage points, marking the largest increase since 1994, the Wall Street Journal reported on June 15th.

Accordingly, the Fed’s benchmark federal-funds rate will increase to a range between 1.5% and 1.75%.

This comes as per the decisions of the 18 officials who participated in the two-day policy meeting.

During the meeting, the officials expected the Fed to raise the rates to up to 3% in 2022.

Moreover, the official projected the rates to increase to around 3.75% by the end of 2023, expecting rates to fall slightly in 2024.

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